Binance is still the largest cryptocurrency platform: November 2018

Recommended Posts

November rankings of the global crypto exchange was released by the Blockchain Transparency Institute, which placed Binance who had a $1 billion 24-hour volume, at the top.

Binance, with over 160,000 24-hour web users easily surpassed OKEx, market’s second largest crypto exchange in terms of volume, mobile volume, API volume, number of active users and web visitors. Compared to the $1 billion 24-hour volume from 160,000 daily users of Binance, OKEx only made $700 million in daily volume from just 30,000 users.

For the last two years, where ICO projects have increased in popularity, several controversial debates have been initiated due to the high volumes as well as non-transparent listing fees of small market cap tokens.

Binance had started donating to charity, all its listing fees realized from projects, with some intention to show the potential of cryptocurrencies. However, the team of the Blockchain Transparency Institute have said that a good number of exchanges still target low market coins with irresistible offers to manufacture fake volume and trading activity with plans to create a great hype around listed coins on market data platforms such as CoinMarketCap.

Their team said:

Quote

We also found many of these exchanges to be preying on low market cap coins which are desperate for the recognition and volume of a top 10 or 25 exchange. In many of the crypto projects we spoke with, this also involves supplying the exchange with a large amount of tokens which are then used to massively inflate volume numbers on CMC, luring in prospective traders from other exchanges with much lower, but real volume.

In the coming months, the market will be legitimized and as such we expect a decline over time in questionable practices in the crypto exchange market. Our initial report on exchange volumes revealed many top 100 exchanges on CoinMarketCap using wash trading to gain a marketing advantage over their competitors. We found many of these exchanges gaining 80-90% of their referral web traffic from CMC alone. In our recent token project interviews, we have found this allows these exchanges to ask from 5 BTC all the way up to 60 BTC for listing fees.

In the last two years, Binance, OKEx and Huobi has made their presence known as the world's three largest exchanges.

Two of South Korea's biggest trading platforms, Bithumb and Upbit, recently found their way to the top ten, probably as a result of the country's increase in crypto demand.

Just recently, it was stated that banks have now been given the go ahead to work with crypto exchanges to offer banking services, and the local market can experience an increase in trading activity as a result of the FSC's approval.